Gold prices hit a record high on Friday, set for their best month since March 2024, as investors flocked to the safe-haven metal due to heightened U.S. tariff concerns, while awaiting a key inflation report for further direction.

Gold prices rose to hit a lifetime high on Thursday while the focus was also on a crucial inflation report for clues on the Fed's policy path.

Gold is considered a safe investment during geopolitical turmoil and thrives in a low interest rate environment